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YIELDS DECLINE ON TREASURY BILLS

The Treasury Department sold $12 billion in three-month bills at a discount rate of 4.920 percent Monday, down from 4.980 percent last week.

An additional $10 billion was sold in six-month bills at a rate of 4.755 percent, down from 4.840 percent.

The new discount rates understate the actual return to investors -- 5.053 percent for three-month bills with a $10,000 bill selling for $9,875.60, and 4.940 percent for a six-month bill selling for $9,759.60.

Separately, the Federal Reserve said the average yield for one-year Treasury bills, the most popular index for making changes in adjustable rate mortgages, fell to 4.66 percent from 4.83 percent.

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